The Australian government will be unveiling its HomeBuilder scheme today, which will give eligible Aussies $25,000 to renovate their homes.
The $688 million funding package is aimed at kickstarting the trade industry following the coronavirus pandemic.
Prime Minister Scott Morrison said: "If you've been putting off that renovation or new build, the extra $25,000 we're putting on the table along with record low interest rates means now's the time to get started.
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"This investment isn't just about helping Australians bring their dream home to life, it's about creating jobs and helping support the more than one million workers in the sector including builders, painters, plumbers and electricians across the country."
But the cold, hard cash won't be available to everyone.
It's open to people earning less than $125,000 a year, or $200,000 per couple. The money can be used to build a new home valued up to $750,000 including land. Alternatively, it can be used for renovations to existing properties where the renovation contract is between $150,000 and $750,000 and the property's current value does not exceed $1.5 million. The property must be your principal place of residence.
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If you were finally looking to get that swimming pool sorted, then we have some bad news.
The funding grant can only be used to 'improve the accessibility, safety and liveability of the dwelling'. It rules out additions to the property such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages. It also can't be used on an investment property.
While some might argue a pool would certainly make life much better, sadly the government doesn't agree.
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While the building industry has suffered minor setbacks over the past few months, the government wants to get workers out in force over the second half of the year to get the economy rolling.
The scheme is expected to directly employ around 140,000 construction jobs, however in its entirety it could attract upwards of a million workers, from architects to manufacturers and engineers.
To get access to the payment, the person applying needs to pay a licensed builder the first instalment for the work and then, and only then, can you apply to your relevant state or territory authority for the $25,000.
Officials will comb through the application and once everything is sorted and the criteria are met, you'll get the money into your account.
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While it might seem there are a lot of hurdles to overcome, it could mean the world to people to get a decent chunk of change in their account.
Featured Image Credit: PixNio (Creative Commons)